Merck has signed a licensing deal worth up to $2 billion for Chinese biotech Hansoh Pharma's experimental oral drug to treat obesity on Wednesday, becoming a late contender in the race to offer a weight-loss pill to replace weekly shots.

Merck announced a weight loss drug deal Wednesday with China-based Hansoh worth up to $2 billion for the pill code-named HS-10535. It includes a $112 million licensing rights payment for global sales outside China.

News of Merck’s licensing of Hansoh’s preclinical medicine pressured shares in Viking and other obesity drug developers seen as likely buyout targets.